CIVIC EQUITIES CORPORATION (Wireless Satellite Company)(PINK SHEETS: CVQC) has signed a Purchase and Sales Agreement to acquire 100% of TRG Systems Limited
Vancouver, B.C. (BUSINESS WIRE) – Civic Equities Corporation (PINK SHEETS: CVQC) has entered and signed a Purchase and Sales Agreement with TRG SYSTEMS LIMITED (TRG) from Surrey, B.C. This Agreement has Civic Equities Corporation (CVQC) purchasing 100% of TRG Systems Ltd. From Mr. Todd Whorley (TRG’s President and Founder) and Mr. Richard Demarco (Executive Vice President). Both will continue in their respective executive roles with expanded responsibilities in the enlarged international setting created by the purchase.
The purchase will cost CVQC $6,000,000.00, of this CVQC will pay 35% in cash, and the remaining 65% will be paid by Shares in CVQC @ $6.75 per Share.
Mr. John Whalen (President of CVQC) said, “This acquisition is the logical next step to insure the best possible level of service for its future customers” Recently, Civic Equities Corporation secured the exclusive rights to TRG’s VipSatNet Satellite Communications Network Australasia, the South Pacific, Indonesia, India and China.
The Company also agreed to purchase a $750,000 earth station (HUB) to be installed in Sydney, Australia this summer, to service the areas described. The System provides advanced communications utilizing voice over Internet protocol to deliver high speed Internet, video, full duplex sound-phone, fax and data with 99.96% reliability. Combined with off the shelf “last mile technology” the system can be extended to provide cellular service, e-mail, paging and video conferencing.
This very reliable system economically extends the Internet backbone to rural communities and remote locations and is an ideal solution for rural and remote areas currently without adequate telecommunications service. There are about 3 billion people in this market. It is likely that a significant number of these people will never get the level of telecommunications services that the industrialized world currently enjoys. However, the majority who do will rely on wireless solutions such as ours, which can be implemented quickly at less cost than conventional land based hardwire connections.
TRG Systems Ltd. is the O.E.M. (original equipment manufacturer) of the VipSatNet System. The System is defined as “the proprietary engineering programming, routing system, architecture integration of O.E.M. equipment that operates the VipSatNet Satellite Communications Network” which consists of:
· System Programming The software enabling dynamic allocation of transmission spectrum (DATS)
· Routing System The routing scheme enabling a fully meshed, dynamic
transmission environment with an Absolute Private Network (APN) return path
· Architecture & Integration The network design combining broadcast and FDMA
(frequency division multiple access) technologies and the integration of custom configured O.E.M. equipment which facilitates a dynamic, private, full featured network
NOTE ON FORWARD-LOOKING STATEMENTS: Statements herein contained that are not strictly historical are "forward-looking" statements within the meaning of Section 27A of the US Securities Act of 1998, as amended, and Section 21E of the US Securities Exchange Act of 1934, as amended. These forward-looking statements are made based upon information available as of the date hereof, and the company assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risk and uncertainties and the company's actual results may differ from these forward looking statements. Such risks and uncertainties include but are not limited to demand for the company's products and services, the company's ability to continue to develop its market, general economic conditions and other factors that may be more fully described in reports to shareholders and periodic filings with the Securities and Exchange Commission.
Mr. Gene Greenwood
Tel: (604) 601-8228
Fax: (604) 601-8229
Thanks in advance